JAIPRAKASH ASSOCIATES LIMITED

Shareholders of Jaiprakash Associates Limited

The last shareholding position verifiable from the company’s own regulatory filings is the shareholding by category as on 31 March 2025, disclosed in the corporate governance section of the annual report for the financial year 2024–25 and consistent with the quarterly pattern filed under Regulation 31 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015: promoter and promoter group 30.23 per cent; institutions — mutual funds, financial institutions, banks, NBFCs and insurance companies — 8.91 per cent; foreign institutions, being foreign portfolio investors of Category I and II and overseas depositories holding depository receipts, 1.39 per cent; Central Government, State Government or President of India 0.00 per cent; and non-institutions, being individuals, trusts, the Investor Education and Protection Fund and others, 59.47 per cent.

Issued equity at that date was 2,45,45,95,640 equity shares held by 6,36,424 shareholders, of which 99.43 per cent were held in dematerialised form. Holdings of more than 50,000 shares accounted for 69.06 per cent of the share capital across 3,110 holders, and 89.98 per cent of holders held 2,500 shares or fewer.

Encumbrance: the promoter-level pledge position as at 31 March 2025 could not be verified from a primary filing and is therefore not reproduced here. The annual report does record that shares held by JAL itself in group entities were pledged to lenders and in at least one case invoked — Suraksha Asset Reconstruction Limited intimated JAL by letter dated 12 September 2018 of the invocation of pledged shares of Yamuna Expressway Tolling Limited held by JAL — and the CIRP arose from defaults on secured borrowings of the same order. Any encumbrance over the pre-CIRP equity ceased to have effect when that capital was extinguished.

Effect of the approved resolution plan: under section 31 of the Insolvency and Bankruptcy Code, 2016 an approved resolution plan binds all stakeholders, including shareholders. The NCLT order of 17 March 2026 records a fair value of INR 19,234 crore and a liquidation value of INR 15,799 crore against admitted claims of INR 57,497.93 crore, with a resolution plan value of INR 15,343.40 crore and a total realisable amount of INR 14,084.20 crore; on those figures nothing was available for equity. Company announcements record that on the effective date of 21 May 2026 the entire existing equity and preference share capital was cancelled and extinguished, save for shares newly allotted to Adani Infra (India) Limited and its nominees, and the shares were delisted on 18 June 2026. Pre-CIRP shareholders therefore have no residual interest in the company.

Ultimate beneficial ownership

Until the effective date, the promoter and promoter group of the Jaypee group held 30.23 per cent in aggregate; no individual natural person was verified from a primary filing as holding 25 per cent or more of the equity, and beneficial ownership was therefore diffuse across promoter-group entities and a very large retail base. Since 21 May 2026 the equity of the company is held by Adani Infra (India) Limited and its nominees pursuant to the resolution plan submitted by Adani Enterprises Limited, so beneficial ownership now traces upward through the Adani group. The identity of any natural-person beneficial owner above Adani Infra (India) Limited is not asserted here because it has not been taken from an official register or filing.

Data availability

The structured record behind this page attributed the company almost entirely to passive foreign funds — DFA Emerging Markets Core Equity Portfolio at 43.85 per cent, SPDR Portfolio Emerging Markets ETF at 32.94 per cent, SPDR Emerging Markets Small Cap ETF at 11.53 per cent and two Avantis funds at 5.84 per cent each. Those figures are impossible: they total approximately 100 per cent, the share quantities are in the millions against an issued capital of 2.45 billion shares, and they omit the promoter group entirely. They appear to be shares-of-a-sample rather than shares-of-company. That record was not used and none of it is reproduced above.

Shareholding pattern data ceases with the last filings made before delisting on 18 June 2026; no further public shareholding disclosure is expected, since the company is no longer listed. Sources used: the annual report for the financial year 2024–25 and the NCLT order dated 17 March 2026 in IA (PLAN) No. 11/2025 in CP (IB) No. 330/ALD/2018.

Directors and officers of Jaiprakash Associates Limited

Legal control of the company’s affairs has not rested with its board since 2024. Pursuant to section 17 of the Insolvency and Bankruptcy Code, 2016, the powers of the board of directors were suspended and vested in the interim resolution professional and then the resolution professional with effect from 3 June 2024; management and control were with the board only until 2 June 2024. Mr Bhuvan Madan, insolvency professional registration number IBBI/IPA-001/IP-P01004/2017-2018/11655, was appointed interim resolution professional by the admission order of 3 June 2024 and was confirmed as resolution professional by the Committee of Creditors at its second meeting on 30 July 2024. The annual report for the financial year 2024–25 records that no board meetings were convened after the initiation of CIRP, that only Committee of Creditors meetings were held, and that the directors’ report and financial statements were signed by the resolution professional. Regulations 17 to 21 of the SEBI Listing Regulations, on board and committee composition, did not apply to the company during CIRP by virtue of Regulation 15(2A).

Following approval of the resolution plan by the NCLT on 17 March 2026, implementation was supervised by a monitoring committee constituted under clause 7 of the plan, which is recorded as having authorised the sale transactions and the share allotment and cancellation steps in May 2026. From the effective date of 21 May 2026 the company passed to the successful resolution applicant and its nominees; the composition of any reconstituted board has not been verified from a primary filing and is not stated here.

The board and key managerial personnel disclosed for the financial year ended 31 March 2025, whose powers were suspended throughout that period, were as follows.

Executive directors (directorships and executive offices held concurrently): Shri Manoj Gaur, DIN 00008480, whole-time director holding the executive office of Executive Chairman and Chief Executive Officer, term 1 April 2024 to 31 March 2025; Shri Pankaj Gaur, DIN 00008419, whole-time director designated as Managing Director, term 1 July 2024 to 30 June 2025; Shri Naveen Kumar Singh, DIN 00215393, whole-time director, term 30 September 2024 to 29 September 2025.

Non-executive, non-independent directors: Shri Jaiprakash Gaur, DIN 00008085, Director and Founder Chairman, re-appointed on retirement by rotation by the shareholders on 30 September 2024; Shri Sunil Kumar Sharma, DIN 01859229, Director and Vice Chairman.

Independent directors: Dr P. K. Agrawal, DIN 08311041, term 10 February 2022 to 9 February 2027; Dr Y. Medury, DIN 01752495, term 10 August 2022 to 9 August 2027; Shri K. M. Singh, DIN 02223301, term 24 September 2022 to 23 September 2027; Shri N. K. Grover, DIN 08543115, term 10 August 2022 to 9 August 2027.

Key managerial personnel under section 203 of the Companies Act, 2013: Shri Sudhir Rana, Chief Financial Officer; Shri Som Nath Grover, Company Secretary, membership number FCS-4055, appointed with effect from 1 February 2024.

Recent officer changes

25 March 2025 — Ms Vidya Basarkod, independent director since 24 September 2022, resigned as a director of the company.

31 March 2025 — the tenure of Shri Manoj Gaur as Executive Chairman and Chief Executive Officer expired.

30 June 2025 — the term of Shri Pankaj Gaur as whole-time director designated as Managing Director expired.

Data availability

Officer data is taken from the directors’ report and corporate governance disclosures in the annual report for the financial year 2024–25 and from the NCLT order dated 17 March 2026. Because board powers were suspended from 3 June 2024, the persons named above should not be treated as controlling the company in that period; the resolution professional, and later the monitoring committee, exercised those powers.

The record behind this page listed 16 officer rows without appointment dates and mixed directorships with management titles — for example presidents and joint presidents who are employees rather than board members. Executive employees who are not directors and who are not section 203 key managerial personnel are not reproduced here. That record also carried years of birth; dates of birth are not published on this page as a matter of policy, and no national identification numbers are published. Director Identification Numbers are shown because they are public identifiers on the MCA register. Nationality is not stated for any individual because no official register or filing consulted for this page records it.

Two further changes are noted in the annual report without a name being verifiable from the extracted text, including a resignation of an independent director with effect from 12 March 2025; those are not reproduced.

Group structure of Jaiprakash Associates Limited

Above the company: until 21 May 2026 no single holding company sat above JAL. It was a listed company whose promoter and promoter group of the Jaypee group held 30.23 per cent at 31 March 2025. Pursuant to the resolution plan of Adani Enterprises Limited approved by the NCLT on 17 March 2026, the pre-existing share capital was cancelled and new equity was allotted to Adani Infra (India) Limited and its nominees on the effective date of 21 May 2026, placing the company within the Adani group.

Below the company: the directors’ report and Form AOC-1 for the financial year ended 31 March 2025 record 16 subsidiaries (direct and step-down) together with associates and joint ventures. Percentages below are the shareholding percentages stated in Form AOC-1 or the directors’ report at 31 March 2025.

Data availability

Group data is taken from the directors’ report and Form AOC-1 in the annual report for the financial year ended 31 March 2025, and from the NCLT order dated 17 March 2026 and company exchange announcements for events after that date.

The structured record behind this page placed Jaypee Infratech Limited under Jaiprakash Associates Limited. That is no longer correct: Jaypee Infratech completed its own insolvency process and the shares held by JAL were cancelled on 21 June 2024, so it is neither a subsidiary nor an associate. Jaypee Fertilizers & Industries Limited and the 24 per cent associate holding in Jaiprakash Power Ventures Limited have been divested under the approved resolution plan. Jaypee Cement Corporation Limited and Bhilai Jaypee Cement Limited are themselves under CIRP. Madhya Pradesh Jaypee Minerals Limited and MP Jaypee Coal Fields Limited are under voluntary winding up.

Company identification numbers for the group entities other than Jaiprakash Associates Limited and Kanpur Fertilizers & Chemicals Limited were not available from the filings consulted and are shown as not verified rather than guessed. Ownership percentages for entities marked as not stated appear in Form AOC-1 rows that could not be read reliably from the source document.

Two defects in the underlying record should be noted and have not been altered. First, the stored company identifier 09AABCB1562A1Z9 is a Goods and Services Tax Identification Number, not a company number; the company number is CIN L14106UP1995PLC019017, which is the identifier used throughout this page, and the same substitution appears to run through the stored group tree. Second, the stored status of Active reflects the MCA register only and does not convey the completed corporate insolvency resolution process, the change of control on 21 May 2026 or the delisting on 18 June 2026.